(Table: Muffin Price Index) Use Table: Muffin Price Index

Essay

(Table: Muffin Price Index) Use Table: Muffin Price Index. A college town has many small coffee shops, and they all sell muffins. In your economics class, you have been assigned the task of constructing a muffin price index (MPI). The base year is 2017. Use these data to compute the MPI for each year.
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$$\begin{array} { | l | l | l | l | l | } \hline \text { Muffin } & \text { 2017 Quantities } & \text { 2017 Prices } & \text { 2018 Prices } & \text { 2019 Prices } \\\hline \text { Banana nut } & 4 & \$ 1.10 & \$ 1.15 & \$ 1.25 \\\hline \text { Pumpkin spice } & 1 & \$ 1.10 & \$ 1.10 & \$ 1.20 \\\hline \text { Blueberry } & 2 & \$ 1.25 & \$ 1.45 & \$ 1.50 \\\hline\end{array}$$